By: Beatrice Oppon
Lawyers for former Chief Executive Officer, CEO, of defunct Beige Bank Michael Nyinaku, have informed the High Court in Accra that their client intends to call 61 defence witnesses to testify in the trial.
Mr Nyinaku has been charged with 43 counts of stealing, fraudulent breach of trust and money laundering and is currently on a 200 million cedis bail with three sureties, two of which have justified with landed property.
He has been accused of stealing one point two billion cedis belonging to customers of the defunct bank. Lead Lawyer for the accused
Thaddues Sory informed the Court that the defence is ready to start calling the witnesses on the next adjourned date.
Presiding Judge, Justice Afia Serwah Asare-Botwe, questioned why 61 witnesses who are likely to be sharing the same testimony and reminded the defence team of the rules on witnesses.
Justice Asare-Botwe then directed Mr. Nyinaku and his lawyers to file the witness statements in the order in which they intend to call the witnesses by Friday March 8, 2024 and duly notify the Court.
Available facts indicate that between 2017 and 2018, Mr Nyinaku caused the transfer of ten thousand and seventeen fixed deposit accounts with more than 448 million cedis belonging to various customers made to Beige Capital Asset without the knowledge and consent of the customers.
The prosecution said the alleged acts were discovered following investigations into the bank after its license was revoked and placed under receivership by the Bank of Ghana.
It was also discovered that between 2017 and 2018 the accused also allegedly caused the transfer of 35 fixed investments of 23 customers of Beige Bank amounting to more than 141 million cedis to Beige Group which is wholly owned by him and also a majority shareholder of Beige Bank.
Mr Nyinaku also allegedly caused a fictitious second account to be opened in the name of First Africa Savings and Loans which is an existing account holder with Beige Bank without the knowledge of the Board and management of the Savings and Loans Company.
